The following information is provided to you from Elgin Outboard Motor Company and their pension...
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Accounting
The following information is provided to you from Elgin Outboard Motor Company and their pension administration firm: Service Cost . . . . . . . . . . . . . . . . . . $81,650 Contribution to plan . . . . . . . . . . . . . . 162,300 Prior Service Cost Amortization. . . . . . . . . 3,600 Actual and Expected Return on Assets . . . . . . 88,650 Benefits Paid. . . . . . . . . . . . . . . . . . 48,000 Plan Assets, January 1, 2017 . . . . . . . . . . 877,445 Projected Benefit Obligation, January 1, 2017. . 897,000 Interest/Discount (settlement) rate. . . . . . . 7% Accumulated OCI (PSC), January 1, 2017 . . . . . 36,000 Required Complete the pension worksheet below for 2017, and prepare the necessary journal entry at December 31, 2017.
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